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Jan 1, 2013
01/13
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because in 60 days three things come together: the debt ceiling, what's the debt ceiling? america's mortgage. when we spend money for a war, for the department of agriculture, whatever it happens to be, ultimately we borrow 40 cents for every dollar we spend. so every president is forced to renew the mortgage, the debt ceiling of the united states. i think under president ronald reagan it was down over and over again, many times without even a record voavment bu vote. in a matter of 60 days or so, we'll face another need to renew america's mortgage; in other words, the full faith and credit of the united states government of the and that is going to be contentious, a matter of debate. at the same time, the continuing resolution, our temporary spending bill, expires. at the same time, the sequestration conviction in, which is -- sequestration kicks in, which is automatic spending cuts. so we'll have another challenge. let's hope we learned a lesson from this one. the american people are sick and tired of incompetence and political posturing and failure of congress to come t
because in 60 days three things come together: the debt ceiling, what's the debt ceiling? america's mortgage. when we spend money for a war, for the department of agriculture, whatever it happens to be, ultimately we borrow 40 cents for every dollar we spend. so every president is forced to renew the mortgage, the debt ceiling of the united states. i think under president ronald reagan it was down over and over again, many times without even a record voavment bu vote. in a matter of 60 days or...
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Oct 14, 2013
10/13
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bills and ronald reagan said send me a debt ceiling increase. look what he says. he said -- "the full consequences of a default or even the serious prospect of default by the united states are impossible to predict and awesome to contemplate. denigration of the full faith and credit of the united states would have substantial effects on the domestic financial markets and the value of the dollar." ronald reagan, 1983. and that's when our economy was much smaller than it is today. so how does the party of ronald reagan now get us to this point where three days we're about to default? i didn't hear one word out of them when they decided to put two wars on the credit card and a huge tax break for billionaires on the credit card and a big medical prescription drug benefit on the credit card. not one word out of them. oh, vote, vote, vote, vote. and what happened? we had a surplus under bill clinton, we had a huge increase in the deficits under george w. bush, and, by the way, president obama got handed an enormous deficit which he has cut in half. so
bills and ronald reagan said send me a debt ceiling increase. look what he says. he said -- "the full consequences of a default or even the serious prospect of default by the united states are impossible to predict and awesome to contemplate. denigration of the full faith and credit of the united states would have substantial effects on the domestic financial markets and the value of the dollar." ronald reagan, 1983. and that's when our economy was much smaller than it is today. so...
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Oct 10, 2013
10/13
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they didn't downgrade over a debt ceiling. the downgraded it because they lost confidence that we are willing to deal with our debt. that is the issue that i believe we need to focus on. cbo has recently stated that if we continue our current path, at some point investors would begin to doubt the government's willingness or ability to pay the u.s. debt obligations. i think at some point another credit rating agency is going to become convinced that we will not deal with our debt crisis. so the question that i have to the panel if the threat of default that each of you talked about, the fault on the u.s. treasury obligations, is that greater because of the fight we are having in washington right now over whether the debt ceiling will be extended or is it not far greater role for the fact we cannot get into the negotiations to resolve our entitlement spending and to reform our tax code? >> i know you mentioned this in your comment so let me mention this. >> center, as i said in my statement, i think that credit worthiness depend
they didn't downgrade over a debt ceiling. the downgraded it because they lost confidence that we are willing to deal with our debt. that is the issue that i believe we need to focus on. cbo has recently stated that if we continue our current path, at some point investors would begin to doubt the government's willingness or ability to pay the u.s. debt obligations. i think at some point another credit rating agency is going to become convinced that we will not deal with our debt crisis. so the...
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Oct 11, 2013
10/13
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there is a bipartisan meeting as we worked on the debt ceiling to raise the debt ceiling $2 trillion. we agreed that over ten years we would cut spending $2.1 trillion. so five, six months -- less than six months later, the president submits a budget to the united states senate and to the united states house to call for spending a trillion dollars over that amount. so i think that was a breach, a serious act on the president to move away from the promises that he had made and the act he signed into law. now, to be more specific about it, one of the proposals in the president's budget that's received a lot of discussion is an alteration of the way we calculate inflation index for social security. it's been referred to as chained c.p.i., and it's projected to save a certain amount of money, maybe $133 billion or maybe more. let's just say it's going to save $100 billion. chained c.p.i., and it would in fact increase the revenue into social security, and it would reduce the amount of money that's paid oust social security, and it would save, let's say, $100 billion. so this would strengt
there is a bipartisan meeting as we worked on the debt ceiling to raise the debt ceiling $2 trillion. we agreed that over ten years we would cut spending $2.1 trillion. so five, six months -- less than six months later, the president submits a budget to the united states senate and to the united states house to call for spending a trillion dollars over that amount. so i think that was a breach, a serious act on the president to move away from the promises that he had made and the act he signed...
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Oct 10, 2013
10/13
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what is the debt ceiling? it sounds -- in fact, this morning i listened as the minority leader said it's raising the credit card limit. no, it isn't. that's not an accurate statement. it is raising the authority of our government to borrow money to pay for what we've already spent. many of the same politicians who voted for the spending bills now don't want to pay for it. they don't want to extend this debt ceiling, the credit of the united states. that is totally irresponsible. it's ordering the biggest meal on the menu and then refusing to pay when the bill comes. that's where they stand. that's what they are arguing. but it's even worse. it would be the first time in the history of the united states of america that we will have defaulted on our national debt, the first time that we called into question the full faith and credit of the united states of america. how serious is it? let me tell you how serious it is. pick up the morning paper. world leaders fear a default by the united states, in "the washingto
what is the debt ceiling? it sounds -- in fact, this morning i listened as the minority leader said it's raising the credit card limit. no, it isn't. that's not an accurate statement. it is raising the authority of our government to borrow money to pay for what we've already spent. many of the same politicians who voted for the spending bills now don't want to pay for it. they don't want to extend this debt ceiling, the credit of the united states. that is totally irresponsible. it's ordering...
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Oct 10, 2013
10/13
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just a trillion dollar debt ceiling increase. just keep raising the credit card limit and let someone else deal with it later on. we have now got a debt close to $17 trillion nearly double what it was in 2007. we are borrowing nearly $2 billion a day. $2 billion a day. and apparently our friends on the other side are fine with that. they want us to give washington a free pass to borrow and spend a trillion dollars more. he's so comfortable with all of this that my friend the majority leader rejected the president's proposal this week to do a short-term increase followed by a negotiation on reforms. in my view we were sent her here to solve problems, and not differ them. we were sent here to confront the challenges of the moment conk cannot ignore them. that is why the majority leader's proposal just won't fly because it's completely at odds with the wishes of most americans and that is something the president and a lot of other senate democrats agree with when a republican president was asking for a debt limit increase. and of co
just a trillion dollar debt ceiling increase. just keep raising the credit card limit and let someone else deal with it later on. we have now got a debt close to $17 trillion nearly double what it was in 2007. we are borrowing nearly $2 billion a day. $2 billion a day. and apparently our friends on the other side are fine with that. they want us to give washington a free pass to borrow and spend a trillion dollars more. he's so comfortable with all of this that my friend the majority leader...
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Oct 7, 2013
10/13
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that's the debt ceiling. many of the same senators and congressman who voted for the spending now will not vote to pay the bill. that's like eating the big meal at the restaurant then when the waiter brings the check say i about paying. how long would that last? that's what many are suggesting when they say we're not going extend the debt creaming. they have eaten the meal they don't want to pay the bill. it what about first time in the history of the united states we would default on the national debt. the first time we would basically violate the full, faith, and credit of the united states of america. it has the consequences. the last time the tea party did this. america's credit rating suffered. what happens when our credit rating suffers? the interest rates we pay go to up. tax payers are paying more to china and countries that loan us money than to educate children or build roads or do medical research. here we go again. another threat by the speaker that we're going default on the national debt again.
that's the debt ceiling. many of the same senators and congressman who voted for the spending now will not vote to pay the bill. that's like eating the big meal at the restaurant then when the waiter brings the check say i about paying. how long would that last? that's what many are suggesting when they say we're not going extend the debt creaming. they have eaten the meal they don't want to pay the bill. it what about first time in the history of the united states we would default on the...
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May 31, 2013
05/13
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we don't deferred crises by these shutdown threats and of course the debt ceiling and everything else combined that alone the long-term question on reducing the overall debt. >> host: you point out in here the importance of the committees that are experts on the policies, the many different ones that is so important before the monies appropriated because of budget process means that we revisit all of our policies of the government every year and you refused, you don't engage in any policy matter. something you'd been a habit of doing if you are passing budgets all the time so you also point out how there is a shorter amount of time spent on debate and amendments on the floor. then the members are working together and then they are not doing any committee work anymore. they are not doing the budget and they are no longer socializing and it has led to this gulf that is so wide and so discomforting. i was really fascinated and i am going to be quick about it but in 1980 in your second year in the house jimmy carter's targeted fiscal assistance program was helping cities with higher than
we don't deferred crises by these shutdown threats and of course the debt ceiling and everything else combined that alone the long-term question on reducing the overall debt. >> host: you point out in here the importance of the committees that are experts on the policies, the many different ones that is so important before the monies appropriated because of budget process means that we revisit all of our policies of the government every year and you refused, you don't engage in any policy...
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Jun 13, 2013
06/13
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debt ceiling that's statutory but the real debt ceiling occurs when creditors are no longer to interested money. is our ability limited by our ability to fund? >> i think the quick answer is yes. the comments -- and i recall when he said them, i agree the nation's economic strength is of all of their liberties and preservation of security. and you can't just connect the two. >> how do you go about planning for the uncertainty and the difficulty of the budget? we just passed out of appropriations the defense markup on the defense. previously you had a request for equipment, helicopters, airplanes etc. that's been diminished. what process do you use to make those decisions. >> we have the component that oversees the services on accountability, responsibility for managing the pentagon that is opposite of the security fence that is five undersecretaries, the comptroller is one of them. the undersecretary for the acquisitions and the chiefs and the services with input from the nine combatant commanders works through that, then the budget obviously is an underpinning dynamic because if you don'
debt ceiling that's statutory but the real debt ceiling occurs when creditors are no longer to interested money. is our ability limited by our ability to fund? >> i think the quick answer is yes. the comments -- and i recall when he said them, i agree the nation's economic strength is of all of their liberties and preservation of security. and you can't just connect the two. >> how do you go about planning for the uncertainty and the difficulty of the budget? we just passed out of...
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Nov 4, 2013
11/13
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. >> host: and what isov the next debtes ceiling deadline? >> guest: the next debt ceiling, aggragation ofon all the debt fm the beginning of the republic to today, is september the 7th. however it is not like beginning of a new fiscal year where everybody comes to an end on february the 7th. there are extraordinary measures to allow the treasury to continue to have cash flow to keep them moving from beyond. we believe the bipartisan policy center, we analyzed this, we think it is not february the 7th. that we'll be literally back in the soup again with not having enough cash to pay our bills probably the end of february, early march before we hit that but we will once again, we will face the statutory debt limit and the cash flow problem. >> host: we're talking with bill hoagland of d the bipartisan policy center. for folks who don't know the bipartisan policy center what is it? >> it was established in 2007, by four former leaders of the. >> senate, senator dole, senator baker, senator mitchell and senator daschle a non-frost 501(c)(4). it
. >> host: and what isov the next debtes ceiling deadline? >> guest: the next debt ceiling, aggragation ofon all the debt fm the beginning of the republic to today, is september the 7th. however it is not like beginning of a new fiscal year where everybody comes to an end on february the 7th. there are extraordinary measures to allow the treasury to continue to have cash flow to keep them moving from beyond. we believe the bipartisan policy center, we analyzed this, we think it is...
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Oct 8, 2013
10/13
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ceiling or not raising the debt ceiling, 44% said don't raise the debt ceiling. 22% said raise the debt ceiling. i realize we have more choices than that. there could be coupled together with the raising of the debt ceiling some real reforms of our broken entitlement programs, to shore up social security and medicare. but our colleagues and the president of the united states himself has said, no, i'm not going to negotiate. no, i want a clean debt ceiling. no, i want the freedom to max out the credit card another trillion dollars without doing anything to pay off the debt that threatens our country, not only our future prosperity but our national security. i remember very clearly admiral mike mullen, chairman of the joint chiefs of staff, when he was asked what the greatest national security threat to the united states there was, and he said, "the national debt." why would our colleagues -- why would the president of the united states -- ignore what the chairman of the joint chiefs of staff called the most significant national security throat our quun by saying, we're not interested in
ceiling or not raising the debt ceiling, 44% said don't raise the debt ceiling. 22% said raise the debt ceiling. i realize we have more choices than that. there could be coupled together with the raising of the debt ceiling some real reforms of our broken entitlement programs, to shore up social security and medicare. but our colleagues and the president of the united states himself has said, no, i'm not going to negotiate. no, i want a clean debt ceiling. no, i want the freedom to max out the...
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Jun 7, 2013
06/13
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in terms of the debt ceiling, again, i'm the optimist. i think we can get to a solution before we get to that. it requires a willing partner on the ore side to say, yes, there are things that they would attach to the debt ceiling as opposed to being dog dogmatic about whether or not they would allow anything to move forward. the closer we get in the time frame that stance will soften. and i'm not -- i think that the house has acted responsibly to say that default cannot occur. won't occur. which is why we passed the bill we did a couple of weeks ago to make certain that the prioritization of the payment and the ability of the federal government to pay its debts is solid. >> do you think it makes sense to have -- [inaudible] the only country that budgets in the manner. would it make sense to get rid of it and have accrue debt as we pass bills? >> you want to ask the american people does it make any sense to have a limit on the credit card? yeah, it makes sense to have a limit on the considered. -- credit card. yeah. >> lauren? >> i was goi
in terms of the debt ceiling, again, i'm the optimist. i think we can get to a solution before we get to that. it requires a willing partner on the ore side to say, yes, there are things that they would attach to the debt ceiling as opposed to being dog dogmatic about whether or not they would allow anything to move forward. the closer we get in the time frame that stance will soften. and i'm not -- i think that the house has acted responsibly to say that default cannot occur. won't occur....
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Apr 9, 2013
04/13
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you think will have another debt ceiling fight, and if not how do we get around? >> a great question and i think it should've been mentioned earlier, the timing of the so-called grand bargain icing, agreement with the president and republicans in congress. i think the timing is alive and i think it's crucial we get done before then to ensure we don't get into another debt ceiling crisis. because it would be detrimental to the economy. by the way, if you look at what moody's and s&p and phipps say about the debt limit, they don't just say let's not go into this, they say let's resolve the problem. in other words, sometimes on wall street, avoid conflict at all cost. that doesn't avoid issue. back and make it worse. in other words, sometimes there's this notion if we just pay for this over, it will be okay. it's not going to be okay. they are warning, including the one down great we've had is that we have to address this issue as part of this discussion. by the way if you look over the last three decades, the only thing that is ever worked is the debt limit debate.
you think will have another debt ceiling fight, and if not how do we get around? >> a great question and i think it should've been mentioned earlier, the timing of the so-called grand bargain icing, agreement with the president and republicans in congress. i think the timing is alive and i think it's crucial we get done before then to ensure we don't get into another debt ceiling crisis. because it would be detrimental to the economy. by the way, if you look at what moody's and s&p...
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Mar 20, 2013
03/13
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ceiling, and a lot of members of congress were reluctant to raise the debt ceiling since we were so irresponsible around this place, but an agreement was reached recognizing that could be disruptive to a significant degree, that we would raise the debt ceiling $2.1 trillion but we would reduce spending over ten years $2.1 trillion. well, we've already run up another $2.1 trillion in debt. we've already hit that. but they're proposing, and the president himself in his budget last january, six months -- less that six months after he signed the budget control act eliminating a little bit of the growth in spending, he's proposing to eliminate it, at least the sequester part of it, which is $1.2 trillion, 60%. so here are some other figures that are plain that the american people should know about this budget. it has a 60% spending increase over ten years, would increase spending 60%. it has $162 billion increase in spending next year, another stimulus bill. $7.3 trillion in new federal debt will be added under this budget over the next ten years. $1.5 trillion in tax increases. 80% incr
ceiling, and a lot of members of congress were reluctant to raise the debt ceiling since we were so irresponsible around this place, but an agreement was reached recognizing that could be disruptive to a significant degree, that we would raise the debt ceiling $2.1 trillion but we would reduce spending over ten years $2.1 trillion. well, we've already run up another $2.1 trillion in debt. we've already hit that. but they're proposing, and the president himself in his budget last january, six...
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Mar 4, 2013
03/13
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they played games with the debt ceiling. and they did it because, if you follow what then-the republican leader said, his highest priority was defeating president obama. and i'm sure they thought that kind of chaos would lead the way. that didn't happen. clearly our president was reelected, and he was reelected with a big vote. i'd ask that the senate be in order. the presiding officer: the senate will come to order. the senate will come to order. the senator from california. mrs. boxer: i'm sure that conversation was more interesting than mine. so as i was saying, we got into this situation with the sequester because there were games being played with the debt ceiling. and as a way to get out of it, we did something that we thought would never come to pass. we said, okay, give us this ability to raise the debt ceiling so we can pay our bills and not become a third world nation and not lose our credit rating even more than we've already lost it. and then we will look at deficit reduction. and if the super committee can't com
they played games with the debt ceiling. and they did it because, if you follow what then-the republican leader said, his highest priority was defeating president obama. and i'm sure they thought that kind of chaos would lead the way. that didn't happen. clearly our president was reelected, and he was reelected with a big vote. i'd ask that the senate be in order. the presiding officer: the senate will come to order. the senate will come to order. the senator from california. mrs. boxer: i'm...
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Feb 6, 2013
02/13
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in washington, over the past few months, our attention has been on cliffs, debt ceilings, budgets, deadlines, and negotiations. all of this is extremely important. because i don't think there's any substitute for getting our fiscal house in order. there's no greater moral imperative than to reduce the mountain of debt that is facing us, our children, and theirs, and our house republican majority stands ready for the president and his party to join us in actually tackling the big problems facing this country. but today i'd like to focus on what lies beyond the fiscal debate. and over the next two years, our house majority will pursue an agenda that is based on a shared vision of creating the conditions of health, happiness, and prosperity, for more americans and their families. and to restrain washington from interfering in those pursuits. we'll advance proposals aimed at producing results in areas like education, health health, innovation, and job growth. our solutions will be based on the conservative principles of self-reliance, faith in the individual, trust in family, and accountability
in washington, over the past few months, our attention has been on cliffs, debt ceilings, budgets, deadlines, and negotiations. all of this is extremely important. because i don't think there's any substitute for getting our fiscal house in order. there's no greater moral imperative than to reduce the mountain of debt that is facing us, our children, and theirs, and our house republican majority stands ready for the president and his party to join us in actually tackling the big problems facing...
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Feb 6, 2013
02/13
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but i think that maybe part of what we are seeing on the debt ceiling is the last fight over the debt ceiling back in the summer of 2011 turned out to be a terrible self-inflicted wound for the american economy. we saw consumer confidence plummets, our debt got downgraded. i think that's part of why i think even republicans who care very much about spending are nervous to use as a bargaining chip again, precisely we saw how damaging bringing into question the credit worthiness of the american government was. so am hopeful that we won't keep fighting over this, that we'll have the right fight, which is what she' just any become whicho about the deficit, and not should we pay the bill. i think that's a terrible what. >> and there's a very interesting question about whether, in retrospect, whether republicans leveraging the debt limit in the summer of 2011 could get a bill that cut spending by one to $2 trillion going forward, whether, in fact, that was worth it. because what they did was they introduce liquidity rates by saying hey, if you don't cut spending when not going to vote for a
but i think that maybe part of what we are seeing on the debt ceiling is the last fight over the debt ceiling back in the summer of 2011 turned out to be a terrible self-inflicted wound for the american economy. we saw consumer confidence plummets, our debt got downgraded. i think that's part of why i think even republicans who care very much about spending are nervous to use as a bargaining chip again, precisely we saw how damaging bringing into question the credit worthiness of the american...
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Oct 29, 2013
10/13
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it suspended the debt ceiling without -- which as we all know is driving our spending and debt crises. we won't by how much the debt limit was lifted until february 8th. there's no actual dollar limit right now on the debt. effectively there is no debt limit in place. next week the 29 member of the budget conference committee will hold the first meeting. facing a deadline on december 13th to come up with recommendation tow present to the full house and senate in a report. the first priority, of course, will be able to figure out government funding past january 15th. on that day sequestration, the automatic budget cuts passed in 2011 as a debt limit was race -- raided by 2.1 million. all that have borrowed happeninged within a year and a half. the cuts to be faced in over ten years through 2021. the sequester would kick in again on that day. the congressional budget office projects without any fiscal restraint the public debt will reach 100% of gross domestic product in less than generation by 2028. democratic research increasingly confirm the danger for economic growth at the growth s
it suspended the debt ceiling without -- which as we all know is driving our spending and debt crises. we won't by how much the debt limit was lifted until february 8th. there's no actual dollar limit right now on the debt. effectively there is no debt limit in place. next week the 29 member of the budget conference committee will hold the first meeting. facing a deadline on december 13th to come up with recommendation tow present to the full house and senate in a report. the first priority, of...
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Oct 27, 2013
10/13
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ceiling or anything else. >> it's interesting this whole book has been devoted to the debt ceiling and specifically magazine stories to the so-called grand bargain between boehner and obama fell apart. or my standpoint, all of that has been set with alternate back to the authors of those stories and books because the bottom line is speaker boehner never had to go to anyway. whatever deal he would have struck with the obama administration would almost certainly have failed and he would not have been able to get sufficient those. where do he would have relied so heavily on democratic foes to do so that he ran the risk of insurrection. this is detailed in my book. there is a meeting during the whole summer showdown over the debt ceiling in which some of boehner's closest allies have met in the speaker's office and said to him, john, if you come back with a deal that you fashioned with obama, that doesn't get more than a 100 goes thursday. cantor is already started a whisper campaign against duke. we saw it happen with speaker gingrich and it can happen to you. buhner walked away from a ja
ceiling or anything else. >> it's interesting this whole book has been devoted to the debt ceiling and specifically magazine stories to the so-called grand bargain between boehner and obama fell apart. or my standpoint, all of that has been set with alternate back to the authors of those stories and books because the bottom line is speaker boehner never had to go to anyway. whatever deal he would have struck with the obama administration would almost certainly have failed and he would not...
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Mar 19, 2013
03/13
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and not razor debt ceiling's our children cannot inherit a debt ridden future. the next speaker has been an outspoken advocate for the unilateral repeal of obamacare. >> and more so than anything else, our next speaker is one of the most courageous conservatives in the country your she stands for principle, she will oppose republican just like she will oppose a democrat. she's fighting for the future of this country, so my generation can prosper. ladies and gentlemen police join me in welcoming congresswoman michele bachmann. [cheers and applause] ♪ ♪ >> good morning. good to see you. so glad you're here. good morning. love you, too. good morning. welcome, everyone. thank you for that wonderful, wonderful tea bag or the morning welcome. and you are up and you. welcome to washington, d.c. the epicenter of care and compassion. it is a very unique city, as you know. you have to show a photo id in would have a white house tour. and then they turn around and demand you put away your id before you vote for the man sitting in the white house. it's a city of care an
and not razor debt ceiling's our children cannot inherit a debt ridden future. the next speaker has been an outspoken advocate for the unilateral repeal of obamacare. >> and more so than anything else, our next speaker is one of the most courageous conservatives in the country your she stands for principle, she will oppose republican just like she will oppose a democrat. she's fighting for the future of this country, so my generation can prosper. ladies and gentlemen police join me in...
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Oct 24, 2013
10/13
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the deal suspended the debt ceiling without any reforms to slow the growth in entitlement spending which as we all know is driving our spending and debt crisis, and we won't know by how much the debt limit was listed until february 8th because there is no actual dollar limit right now on the debt. effectively there is no debt limit in place. next week the 29 members of the budget conference committee will hold their first meeting. the committee faces a deadline on december 13th to come up with recommendations to present to the full house and senate in a report. the first priority of course would be to figure out government funding past january 15th because on that day sequestration, the automatic budget cuts that were passed in 2011 as the debt limit was raised by $2.1 trillion -- by the way of that happened within a year and a half, but those cuts are to be phased in over ten years through 2021. the sequester would kick in again on that day. what is important to keep in mind as the budget conference committee starts negotiating is that we do have a crisis with debt in this country. it p
the deal suspended the debt ceiling without any reforms to slow the growth in entitlement spending which as we all know is driving our spending and debt crisis, and we won't know by how much the debt limit was listed until february 8th because there is no actual dollar limit right now on the debt. effectively there is no debt limit in place. next week the 29 members of the budget conference committee will hold their first meeting. the committee faces a deadline on december 13th to come up with...
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Oct 30, 2013
10/13
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eye 58
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the debt ceiling is the law of the land until it is changed. and many of us believe that the specter of default on sovereign debt should never happen. it is unthinkable. and that is why house republicans have passed the full faith and credit act to make sure that this never happens. i don't recall having any democrats support that, to take the nuclear option off the table. i felt perhaps one day they will support it. the gentleman's time has expired. the chair now recognizes the gentleman from illinois, mr. foster, for five minutes. >> thank you, mr. chairman. ms. galante, i want to echo the comment. i have profound respect for you and everyone of attempted people who choose to spend a fraction of your life in service to the people of the united states. it makes a big difference whether the housing operation in this country is well-run or not. we are having hearing about a $1.7 billion capital shortfall. in the financial collapse at the end of the bush administration, families in america lost $16 trillion of household net worth. two-thirds of w
the debt ceiling is the law of the land until it is changed. and many of us believe that the specter of default on sovereign debt should never happen. it is unthinkable. and that is why house republicans have passed the full faith and credit act to make sure that this never happens. i don't recall having any democrats support that, to take the nuclear option off the table. i felt perhaps one day they will support it. the gentleman's time has expired. the chair now recognizes the gentleman from...
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Oct 25, 2013
10/13
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the government shutdown in the debt ceiling and past for -- were examples of the brinksmanship. enmeshed budget crisis by crisis nonetheless. and even though we do not yet know the full extent of the damage we do know that a slow the economic growth and job creation. and what we should learn from this experience is that washington politics should not hurt our workers, businesses and economy. nor should their well being be used for local leverage. that doesn' does not mean that r side should abandon its beliefs, but we should be willing to find common ground to achieve real solutions to our most pressing problems. and with congressional leaders now working together to build a budget, this is the moment to do that. as we move forward we should make a pro jobs programs agenda our focus. we can advance this agenda by taking bipartisan action to replace sequestration, fixer broken immigration system and pass a farm bill. we should craft a budget agreement that propels growth and hiring while maintaining fiscal discipline. we recognize we didn't have a monopoly on good ideas and welco
the government shutdown in the debt ceiling and past for -- were examples of the brinksmanship. enmeshed budget crisis by crisis nonetheless. and even though we do not yet know the full extent of the damage we do know that a slow the economic growth and job creation. and what we should learn from this experience is that washington politics should not hurt our workers, businesses and economy. nor should their well being be used for local leverage. that doesn' does not mean that r side should...
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Jul 18, 2013
07/13
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or long-term fashion, out of the debt ceiling debate in the past we come up with things, there have been good things to help us with that so it is important to acknowledge having a healthy debate on the debt ceiling is prudent and responsible. we also want to address the second part of your opening statement when you address the non-bank significant important financial institutions specifically the implementation of a collins amendment. my concern with that going back to last week when the fed governor testified before the senate banking committee he told senator johnson, quote, in regard to postponing and delaying the rules as you testified before on basel iii, that is to say the collins dment es require generally applicable capital requirements the applied to holding companies be supervised. i look at that amendment and what concerns me is i'm afraid your hands may be tied. we have two types of financial institutions. we have the short-term funding of banks and the long term insurance companies and yet we're going to give risk-based capital requirements, expanded requirements based on
or long-term fashion, out of the debt ceiling debate in the past we come up with things, there have been good things to help us with that so it is important to acknowledge having a healthy debate on the debt ceiling is prudent and responsible. we also want to address the second part of your opening statement when you address the non-bank significant important financial institutions specifically the implementation of a collins amendment. my concern with that going back to last week when the fed...
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Oct 26, 2013
10/13
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the detail in my book there was a meeting during the summer showdown over the debt ceiling in which john boehner's closest allies met in the speaker's office and said to him if you come back with the deal that you fashion with obama that doesn't get more than one hundred votes or so, party started whisper campaign against you end we saw a happen with newt gingrich. john boehner took that to heart and john boehner walked away. >> i want to come to the interplay in the second but based on what you said you may know, you know the president gave what was initially an off the record interview at the editorial board last week, did not get the endorsement of the paper and one of the things he said was he believed he could get a grand bargain on the debt ceiling if he were reelected on november 6th. based on what you are saying it may not be possible if the freshmen, now sophomores, new members to come in don't give john boehner their blessing to cut a deal, john boehner mayfield and the same tough spot now that he was last year. a grand bargain based on what you are saying may not be possible i
the detail in my book there was a meeting during the summer showdown over the debt ceiling in which john boehner's closest allies met in the speaker's office and said to him if you come back with the deal that you fashion with obama that doesn't get more than one hundred votes or so, party started whisper campaign against you end we saw a happen with newt gingrich. john boehner took that to heart and john boehner walked away. >> i want to come to the interplay in the second but based on...
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Oct 15, 2013
10/13
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there are expected to continue debate on proceeding to a measure proposed to lift the debt ceiling through december of 2014. [inaudible conversations] >> live on capitol hill as we await remarks from john boehner after a caucus meeting with the republican house members. we expect this to get underway and a couple minutes. unfortunately we will have to leave this at this point. you will be able to see it online at c-span.org. we are going to move over to the u.s. senate as they are about to gavel in and again, senate lawmakers are expected to continue debate on proceeding today measure proposing to lift the debt ceiling through december of 2014. live now to the floor of the u.s. senate on c-span2. the president pro tempore: the senate will come to order. the chaplain retired admiral barry black will lead the senate in prayer. the chaplain: sovereign god, creator and sustainer of us all, you have been our dwelling place in all generations. thank you for your faithfulness, even while we are unfaithful. lead our lawmakers this day
there are expected to continue debate on proceeding to a measure proposed to lift the debt ceiling through december of 2014. [inaudible conversations] >> live on capitol hill as we await remarks from john boehner after a caucus meeting with the republican house members. we expect this to get underway and a couple minutes. unfortunately we will have to leave this at this point. you will be able to see it online at c-span.org. we are going to move over to the u.s. senate as they are about...
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Sep 27, 2013
09/13
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you don't put those issues on a debt ceiling. and as ronald reagan said, put our economy in a very dangerous, dangerous and precarious situation. now, if you listen to the speeches of my colleagues, the 21-hour speech, if you take away the time that was devoted to dr. seuss, most of it was about the affordable care act. so i think we ought to take a look at the affordable care act. this is the terrible piece of legislation that certain colleagues of the republican side say is so terrible, they're willing to shut the government down. right now because of affordable care act, three million young adults are on their parents' plan. oh, isn't that terrible. three million of them can stay on their parents' plan. i want to know why they would shut down the government and kick those youngsters off their parents' plan? because that's what they will do. they don't tell you that, but we won't be able to enforce this law. we won't have the funds. they would kick these kids off their parents' plan because, frankly, the law would be in effect
you don't put those issues on a debt ceiling. and as ronald reagan said, put our economy in a very dangerous, dangerous and precarious situation. now, if you listen to the speeches of my colleagues, the 21-hour speech, if you take away the time that was devoted to dr. seuss, most of it was about the affordable care act. so i think we ought to take a look at the affordable care act. this is the terrible piece of legislation that certain colleagues of the republican side say is so terrible,...
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Dec 23, 2013
12/13
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ceiling to prioritize debt payments? >> the issue of whether or not that decision was made is fundamentally a presidential decision. >> i know. but have you as tissue i are secretary of your department requested for the office of legal council whether or not you can prioritize. >> i'm trying to answer your question. fundamentally a question between the white house, council and justice department. >> okay. let me point you to the fact that "huffington post" article from last week said the obama administration took the platinum point option more seriously than it let on. this idea you have a $1 trillion coin minted and depositive ited the fed and draw upon that, it is -- according to the "huffington post," the administration did ask office of legal council for this absurd idea to be judged whether or not it's legal. yet at the same time you will not say that you've asked whether or not you can prioritize the payments. that's deeply concerning to me. >> i'm prepared to discuss the politician on the issues. i don't disagree
ceiling to prioritize debt payments? >> the issue of whether or not that decision was made is fundamentally a presidential decision. >> i know. but have you as tissue i are secretary of your department requested for the office of legal council whether or not you can prioritize. >> i'm trying to answer your question. fundamentally a question between the white house, council and justice department. >> okay. let me point you to the fact that "huffington post"...
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Sep 18, 2013
09/13
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in fact, maybe the next two weeks, which relates to the debt ceiling. as you will see in our surveys of consumers in just a moment, the consumers do not like that discussion. to my point about consumers not yet being robust and consumption not being up, of course one of the things that happened prior to the crisis with savings essentially went to zero for a couple of quarters. this chart kind of averages over that time to read it, but you can see the savings rate has come back up that it's not yet near the long-term trend. and if consumers are attempting to increase savings, that means that they're reducing consumption, especially if income growth is flat. and income growth has been very flat. that's one of the problems of this expansion. so here's what consumers are saying about housing. on the left hand side is the expected home price change. so housing has become a tailwind. when we said it was on a firm footing, that's been borne out. but the last couple of months, they have wavered. their price expectations for what's going to happen in the next 12
in fact, maybe the next two weeks, which relates to the debt ceiling. as you will see in our surveys of consumers in just a moment, the consumers do not like that discussion. to my point about consumers not yet being robust and consumption not being up, of course one of the things that happened prior to the crisis with savings essentially went to zero for a couple of quarters. this chart kind of averages over that time to read it, but you can see the savings rate has come back up that it's not...
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Feb 4, 2013
02/13
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it was not addressed in the debt ceiling. the debt ceiling should have been extended, but we need to now deal with the fundamental problem that our spending and revenues are not in line. now, we could talk about the cause of how we got here. we could talk about how the congress reduced tax revenues while we were at war, a policy that i spoke out against and voted against, but our responsibility is to figure out how we go from where we are today with budget deficits that are not sustainable to how we can bring our country into better fiscal balance. we need a balanced approach. we need an approach that looks at spending, looks at revenues, that acknowledges that job growth is first and foremost our objective. we have got to create more jobs in our economy. more people working, less people needing governmental services, more people paying tax revenues. all of that helps generate the growth in our economy. we have got to protect the middle class. the middle class has been particularly vulnerable during this slowdown in our econo
it was not addressed in the debt ceiling. the debt ceiling should have been extended, but we need to now deal with the fundamental problem that our spending and revenues are not in line. now, we could talk about the cause of how we got here. we could talk about how the congress reduced tax revenues while we were at war, a policy that i spoke out against and voted against, but our responsibility is to figure out how we go from where we are today with budget deficits that are not sustainable to...
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May 23, 2013
05/13
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the budget contains nothing about the debt ceiling. the budget does not consider the debt ceiling. when all of us were here all night debating the budget, we did not debate the debt ceiling. western here is whether the majority of the senate will be allowed to boost the debt ceiling, a totally different issue onto the budget. and the reason for doing it. it would allow passing a debt ceiling increase with just 50 votes and i think it would be profoundly irresponsible. especially for this body to raise the debt ceiling without getting the economy going, getting the jobs back, without stopping the path we are in bankrupting this country. that is what this is about. i yield the floor. >> senator from utah. >> mountain, i would like to follow. the senator from virginia. we need to have this debate. we need a budget. the american people have been without it for four years. it is because we want this debate and we want this issue debated. in public. we have this concern. in other words, as the senator pointed out just a moment ago, there are a lot of issues that we have asked and debated
the budget contains nothing about the debt ceiling. the budget does not consider the debt ceiling. when all of us were here all night debating the budget, we did not debate the debt ceiling. western here is whether the majority of the senate will be allowed to boost the debt ceiling, a totally different issue onto the budget. and the reason for doing it. it would allow passing a debt ceiling increase with just 50 votes and i think it would be profoundly irresponsible. especially for this body...
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May 21, 2013
05/13
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it is the debt ceiling and whether the senate will be able to raise the debt ceiling using a procedural back door that would allow only 51 votes. my friend from nevada, my friend from washington state, both of them could go to conference on the budget right now today if they would simply agree that this budget would not be used as a back door to use a procedural trick to raise the debt limit not on 60 votes but on 50 votes. now, i commend their candor because neither one of them is willing to make that representation, and that is commendable, but i would point out in the budget we debated nothing in that budget raised the debt ceiling, and i would suggest, madam president, that the american people are not interested in procedural games. i think they're tired of games by the democrats and they're tired of games by the republicans. what they are interested in is leadership in this body to address the enormous fiscal and economic challenges facing this country. our national debt is nearly $17 trillion. it is larger than the size of our entire economy. the last four years our economy has gr
it is the debt ceiling and whether the senate will be able to raise the debt ceiling using a procedural back door that would allow only 51 votes. my friend from nevada, my friend from washington state, both of them could go to conference on the budget right now today if they would simply agree that this budget would not be used as a back door to use a procedural trick to raise the debt limit not on 60 votes but on 50 votes. now, i commend their candor because neither one of them is willing to...
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Feb 1, 2013
02/13
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. >> whited lawmakers decided his best to delay the debt ceiling? >> about two weeks ago they tried in 2011 to use the debt and then as a leverage point to force obama to swallow spending cuts. it worked, but it is terribly damaging to the nation's economy and their political capital. with something like 90% in august of 2011 and they recognize this is a bad idea. thing is a pretty bad idea of a downgrade for the first time. they didn't want to do that again, but they didn't want to vote for a thicker national debt either. that doesn't care what their philosophy to pick them up with a strategy and in the meantime we want the senate to pass a budget for 2014 and the law says if either chamber fails a budget, paychecks will be docked. the whole idea is to postpone the economy default situation until the prosecutor at the continuing fight over taxes and then made to a point where both sides are satisfied in the debt limit can be raised again. >> how a template of a increasing the deficit in effect the economy and financial markets? >> where do you know
. >> whited lawmakers decided his best to delay the debt ceiling? >> about two weeks ago they tried in 2011 to use the debt and then as a leverage point to force obama to swallow spending cuts. it worked, but it is terribly damaging to the nation's economy and their political capital. with something like 90% in august of 2011 and they recognize this is a bad idea. thing is a pretty bad idea of a downgrade for the first time. they didn't want to do that again, but they didn't want to...
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Oct 13, 2013
10/13
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now, we've heard from some people who are debt deniers -- debt ceiling deniers that these are just scare tactics, that these terrible consequences wouldn't happen. but, in fact, we saw that in 2011, when we were having this debate again about whether we should raise the debt ceiling or not, that there were dire consequences to that debate. in late-july and early ark leading up to the debt deal of 2011, the dow jones industrial average dropped 2,000 points. as a result of that point, average americans with retirement accounts and other investments saw their household wealth plummet by $2.4 trillion. our credit rating was downgraded for the first time in america's history, and the crisis resulted in an additional $1.3 billion in borrowing costs for the federal government. as the presiding officer said so well, if you care about the debt and the deficits facing this country, why would we inflict that kind of burden again on the economy by saying we're not going to raise the debt ceiling? the potential consequences, if we refuse raise the debt ceiling, on november 1 -- we've already heard fr
now, we've heard from some people who are debt deniers -- debt ceiling deniers that these are just scare tactics, that these terrible consequences wouldn't happen. but, in fact, we saw that in 2011, when we were having this debate again about whether we should raise the debt ceiling or not, that there were dire consequences to that debate. in late-july and early ark leading up to the debt deal of 2011, the dow jones industrial average dropped 2,000 points. as a result of that point, average...
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Mar 18, 2013
03/13
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and the republicans said, okay, we'll raise the debt ceiling is so the country doesn't default, but only if you agree to a dollar-for-dollar reduction in spending over the next decade. and so we got $2.5 trillion in spending restraint. not real cuts, spending less than obama had hoped in. in washington that's called a cut. if you wanted ten of something and you only got eight of something, you go i got cut too. actually, you walked away with eight. but, so that was a $2.5 trillion spending reduction over the next decade. it hasn't happened yet. we're still, we have several problems facing us. the trillion dollars in obamacare tax increases that hit this decade, that begin to hit now. oddly enough, the president and the democrats in the house and senate decided to put the tax increases, the bulk of them after the 2012 election. so everybody voted, and now the tax increases hit. it's not helpful for the economy, and i think it's going to be unpleasant for voters. >> host: ron's up next from watertown, south dakota, on the democratic line. good morning, ron. >> caller: good morning. >> gues
and the republicans said, okay, we'll raise the debt ceiling is so the country doesn't default, but only if you agree to a dollar-for-dollar reduction in spending over the next decade. and so we got $2.5 trillion in spending restraint. not real cuts, spending less than obama had hoped in. in washington that's called a cut. if you wanted ten of something and you only got eight of something, you go i got cut too. actually, you walked away with eight. but, so that was a $2.5 trillion spending...
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Oct 3, 2013
10/13
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get the debt ceiling out of here. so i really respectfully say to you, i think we have really compromise a lot. we agreed what he wanted. it's hard but then he couldn't do what he said he would do. >> a bipartisan group of house members, republican and democrat, came forward and said a six-month see her with a medical device repeal paid for and said this is a very compromise position. >> listen, we said we will negotiate on anything they want to talk about, that includes as we indicated anything in health care. but but the government ultimately has to get the debt ceiling out of the way. this stuff is upon us. the device stacks, i'm not going to get into it all the in and out of that but it's something i've spoken to senator baucus. i've spoken to senator hatch. we are willing to talk about that and anything else. but the proposal is has an act of desperation from their standpoint. you can do something -- can't do it if it involves tens of billions of dollars. >> in order to give in while the government is shot to we
get the debt ceiling out of here. so i really respectfully say to you, i think we have really compromise a lot. we agreed what he wanted. it's hard but then he couldn't do what he said he would do. >> a bipartisan group of house members, republican and democrat, came forward and said a six-month see her with a medical device repeal paid for and said this is a very compromise position. >> listen, we said we will negotiate on anything they want to talk about, that includes as we...
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Aug 9, 2013
08/13
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the consequences of raising the debt ceiling or not raising the debt ceiling is immediate across the board, it would've been about 40% cut in all federal spending. that's defense, that's everything. so you know it takes a while to sort of turn the ship around and get it moving in the right direction. we started make that turn the that's why i voted for the ryan budget three times, helped write a. that's what a voted honestly for the lowest budget everything the year i've been in congress, the republican study committee budget, and only about 130 people at the most to vote for that. that's what we been awfully tough on spending. but again, you want to think twice about destroying the financial markets and the system and shutting down or essentially crippling the country. so that was my rationale on that. let me teach you a mic so they can hear you back there. >> thank you, congressman cole. >> thank you. >> when we go into the fold, could you speak as to what would happen to the bond market as to how much will have to pay in bonds that we are currently getting almost nothing on, 30 ye
the consequences of raising the debt ceiling or not raising the debt ceiling is immediate across the board, it would've been about 40% cut in all federal spending. that's defense, that's everything. so you know it takes a while to sort of turn the ship around and get it moving in the right direction. we started make that turn the that's why i voted for the ryan budget three times, helped write a. that's what a voted honestly for the lowest budget everything the year i've been in congress, the...
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Sep 18, 2013
09/13
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as it relates to the debt ceiling. not just this president, you know, and he's a student of history. a lot of the big deals that have helped us get back to fiscal sanity, to get us to a balanced budget under bill clinton, as well as what happened with sequester and president obama. those came through the debt ceiling negotiations. they suggest that negotiates is some new concept or something that the president won't engage in. i think a lot of us agree is good for our country and healthy for our economy. and so we want to get out there. we want to get to a place where we can ensure that as we're negotiating over how to properly fund government, how to set priorities, that markets aren't scared, families aren't scared about consequences that would come from things like default. that's why this amendment actually says that won't it be an option. default won't be an option. >> i hear you. with the exception of the fact that i think the president has used exact language you use about full, fate, and credit of the united st
as it relates to the debt ceiling. not just this president, you know, and he's a student of history. a lot of the big deals that have helped us get back to fiscal sanity, to get us to a balanced budget under bill clinton, as well as what happened with sequester and president obama. those came through the debt ceiling negotiations. they suggest that negotiates is some new concept or something that the president won't engage in. i think a lot of us agree is good for our country and healthy for...
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Jan 25, 2013
01/13
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. -- debt ceiling." what we're talking about here is congress' power to borrow money and how we should be paying our bills based on that or some other med of -- method of raising revenue. so i think that's important to keep in mind. >> mr. hoagland, you were a member of that task force as well. >> yes. and in fairness, congressman, that task force also recommended a balanced plan that included tax increases as well as spending cuts, more on the spending side than the reduction in the rate of growth. the occasions of the debt level that were headed at 77% growing into the future i think has jeopardized, quite frankly, our standing in the world. when we have about 40, 50% of in this debt owned by invest beers outside of the ideas -- investors outside of the united states, we're raising questions about the sovereignty of this country going forward. and in terms of where's the turning point, i think that's the problem most economists would say they can't answer that question. who knows when that last drop in
. -- debt ceiling." what we're talking about here is congress' power to borrow money and how we should be paying our bills based on that or some other med of -- method of raising revenue. so i think that's important to keep in mind. >> mr. hoagland, you were a member of that task force as well. >> yes. and in fairness, congressman, that task force also recommended a balanced plan that included tax increases as well as spending cuts, more on the spending side than the reduction...
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Jun 22, 2013
06/13
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ceiling but there is a real debt ceiling too. there is a legal debt ceiling that really doesn't matter and economic debt ceiling which doesn't eventually -- people can both for keeping things the way they are vote for doing x, y and z but once the assets and resources aren't there they just aren't there. so the people of greece would like to vote for something other than what they are going to get over the next few years in cyprus and argentina and various other places as well but they are not going to get it. it's not there. >> i would also add in a complementary way to that process many of the technologies and the kind of new social organizations that kevin talks about in his book they empower a different type of political response and i think would say the obamacare exchange, their own people are calling them train wrecks and hindenburg and all that type of stuff. when those fail it's not going to be simple for the government. they might try to say okay now we have to go to a single-payer system but the same kind of ad hoc kin
ceiling but there is a real debt ceiling too. there is a legal debt ceiling that really doesn't matter and economic debt ceiling which doesn't eventually -- people can both for keeping things the way they are vote for doing x, y and z but once the assets and resources aren't there they just aren't there. so the people of greece would like to vote for something other than what they are going to get over the next few years in cyprus and argentina and various other places as well but they are not...
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Sep 27, 2013
09/13
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and as i see, the debt ceiling that we place upon ourself is an artificial debt ceiling. i think it's a valuable in the debt ceil tag allow us to have it. but the real debt ceiling that any family, any business, or any government when we get to the point we can no longer find people to lend us money at the rate we pay. as i see the spike going to 38, it puts in the issue quickly. it puts in a position in the event of unplanned catastrophe such as '41 come upon us. >> yes, congressman. that's right. >> we talk in the report about how it sort of run up in debt we're projecting doesn't have a precedent in the history. you noted but they've been under particular circumstance and reversed. and this would be unpress debited. and reduce our ability to project what would happen. the interest rate on the condition. we need that. note that. if we one has a high debt and what hits depression or war. the country would be in a tight box with nothing but poor options. that's why analysts think it's far, far better to take the action that sooner rather than later. >> we have labeled the
and as i see, the debt ceiling that we place upon ourself is an artificial debt ceiling. i think it's a valuable in the debt ceil tag allow us to have it. but the real debt ceiling that any family, any business, or any government when we get to the point we can no longer find people to lend us money at the rate we pay. as i see the spike going to 38, it puts in the issue quickly. it puts in a position in the event of unplanned catastrophe such as '41 come upon us. >> yes, congressman....
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Sep 30, 2013
09/13
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we faced a manufactured crisis with the debt ceiling in july of 2011. we faced the december 2012 fiscal cliff that did substantial damage. march of this year, continuing resolution, thing brings us up to right now. and this is not all. the same individuals who are threatening at this moment to drive our economy over a cliff are saying "and we'll do it again in a couple of weeks over another debt ceiling issue." and when this continuing resolution expires in a couple weeks, if this passes, we'll do it again. three crises in just a couple of weeks. if you want to destroy the economy for working americans, this is how it's done. and it's unacceptable. an wand we need a bipartisan caucus to come together and simile say "no" to those who are trying to use this blackmail using american families in the process. thank you very much, mr. president. mr. markey: i ask unanimous consent to speak for five fin ms -- for five minutes in mon morng hour. the presiding officer: without objection. mr. mark: i think republicans saw "breaking bad" last night and thought the
we faced a manufactured crisis with the debt ceiling in july of 2011. we faced the december 2012 fiscal cliff that did substantial damage. march of this year, continuing resolution, thing brings us up to right now. and this is not all. the same individuals who are threatening at this moment to drive our economy over a cliff are saying "and we'll do it again in a couple of weeks over another debt ceiling issue." and when this continuing resolution expires in a couple weeks, if this...
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May 22, 2013
05/13
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the debt ceiling. the 30 been discussed. what i'm saying is why are we sitting at a table to stay, democrats and republicans, house and senate working on differences. most american people say is not why we sent you to washington? >> out as my friend, isn't it bizarre this whole exercise we are going through what are asking them a bus to go to conference with a body that is dominated by the members of our party. we don't have apparently enough confidence that the majority of the conference appointed by the other side of the capitol will be a majority of republicans and not democrats, is not a little bit bizarre? i will be very honest with my colleague from illinois. we are talking about a minority within a minority because the majority of my colleagues in the united states senate on this side of the aisle with motions to instruct the conferees want to move forward and appoint these conferees and do what every american family has to do in america and that is to have a budget. >> i yield the floor. at thi
the debt ceiling. the 30 been discussed. what i'm saying is why are we sitting at a table to stay, democrats and republicans, house and senate working on differences. most american people say is not why we sent you to washington? >> out as my friend, isn't it bizarre this whole exercise we are going through what are asking them a bus to go to conference with a body that is dominated by the members of our party. we don't have apparently enough confidence that the majority of the conference...
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Nov 1, 2013
11/13
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because they wouldn't allow us to raise the debt ceiling to pay the debts that we have. now, ms. galante, is it not true that we have in act that was passed in 1990, the federal credit reform act, that you are a bank, that you are required to have sufficient funds available to meet your obligations? much like the united states has, in order to remain strong, it requires you to have this over a 30 year period. is that not to? >> that's correct. over the life of the loan. >> over the life of the loans. so that if you were to close your door today, the law, and be out of business, the law would require you to have this mandatory appropriation to be able to carry your duties out for 30 years. and the hurtful feeling to me is to see my friends on the other side use the american people with this fake language of bailout. when we have cross that bridge when we printed in the statute that no taxpayers money will ever again be used to bailout anything. this is required of you by law now, let me ask you this. is it not true that because of the interest rates that have arisen, because of th
because they wouldn't allow us to raise the debt ceiling to pay the debts that we have. now, ms. galante, is it not true that we have in act that was passed in 1990, the federal credit reform act, that you are a bank, that you are required to have sufficient funds available to meet your obligations? much like the united states has, in order to remain strong, it requires you to have this over a 30 year period. is that not to? >> that's correct. over the life of the loan. >> over the...
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Jan 31, 2013
01/13
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we have got $16.4 trillion in debt today, so by the time the debt ceiling is reapplied, rei am posed, it will just under $17 trillion. now, at that point, we will be right back to the standoff that we were at very recently, standoff over what to do about this massive amount of debt we already have and the massive amount of additional debt that the administration would like to create. now, the administration's position is very clear. they want additional borrowing authority with no strings attached, no conditions, no limits on future spending. they just want to be able to keep borrowing. some on our side of the aisle feel very strongly that any increase in the debt ceiling that authorized still more borrowing needs to be accompanied with some measure of spending discipline so that we can at some point begin to regain control over these out-of-control deficits and the debt. well, in any case, what we know for sure is this tension will re-emerge and that we don't have a resolution in place now, and if this measure passes -- which very likely it will and it will be signed into law -- we h
we have got $16.4 trillion in debt today, so by the time the debt ceiling is reapplied, rei am posed, it will just under $17 trillion. now, at that point, we will be right back to the standoff that we were at very recently, standoff over what to do about this massive amount of debt we already have and the massive amount of additional debt that the administration would like to create. now, the administration's position is very clear. they want additional borrowing authority with no strings...
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Jun 16, 2013
06/13
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so we have these debates every six months about the statutory debt ceiling but there's a legal debt ceiling, which doesn't party, and an economic debt ceiling which does, and you run up against it. so people can vote for keeping things they way they are or vote for doing x, y, and z, but once the assets and resources aren't there, they're not there. the people of greece would like to vote for something other than they're going to get and various other places as well, but they're not going to get it because it's not there. >> now, also add in an -- compliment complimentary way to the process, many of the technologies and new social organizations kevin talks about in his book, they empower a distype of political response, and if you -- let's say the obamacare exchanges, which i -- their own people are calling them train wrecks, and the hindenburg and this stuff. when those fail, it's not going to be simple for the government -- they might try to say, okay, now we have to go to a single payer system, but the same kind of ad hoc, temporary coalition of a broad group of people can come together
so we have these debates every six months about the statutory debt ceiling but there's a legal debt ceiling, which doesn't party, and an economic debt ceiling which does, and you run up against it. so people can vote for keeping things they way they are or vote for doing x, y, and z, but once the assets and resources aren't there, they're not there. the people of greece would like to vote for something other than they're going to get and various other places as well, but they're not going to...
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Jan 28, 2013
01/13
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and we're not going to just keep raising the debt ceiling. we're going to make a down payment on debt reduction, and we're going to point the country in the right direction, we're going to cut spending. [applause] you know, there will be times p when conservatives disagree on the way forward. we've never marched in lockstep. that's not what we do. a healthy debate is a good and needed thing. we can deliberate in private without fighting in public. all we should ask of each other is that we give an honest account of our actions and their reasons for them. we should challenge the left, not each other. and if we take the prudent course, you know what? we'll be in really good company. our founders were men of prudence. take james madison. nowadays we call him the founder, the father of the constitution. but at the constitutional convention, he lost some key arguments. you know, he fought the plan to give each state the same number of seats in the senate. he thought it was deeply unjust. and at first he wants -- he wanted congress to be able to ve
and we're not going to just keep raising the debt ceiling. we're going to make a down payment on debt reduction, and we're going to point the country in the right direction, we're going to cut spending. [applause] you know, there will be times p when conservatives disagree on the way forward. we've never marched in lockstep. that's not what we do. a healthy debate is a good and needed thing. we can deliberate in private without fighting in public. all we should ask of each other is that we give...
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Feb 26, 2013
02/13
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we raised the debt when ronald reagan was president. 18 times we raised the debt ceiling. but all of a sudden when there is a democratic president, they're playing games, and that's wrong. and so obviously, we didn't want to see another downgrade. we had already seen a delay the last time cost us $1.3 billion, mr. president, in borrowing costs alone. so in order to avert this, on august 2, 2011, we enacted the budget control act. when it became law, we were within hours of defaulting on our debts. the budget control act allowed us to raise the debt ceiling but on the condition that a super committee find $1.2 trillion in cuts or force a trigger of across-the-board cuts known as sequestration. mr. president, straight from my heart i say this -- no one thought the sequester would go forward. everyone thought the pain to the economy would be so great that everybody would sit down and resolve it. but here's what's going on right now. democrats say the way to resolve it and avert the sequester is to have dollar-for-dollar spending cuts and increases in revenues. republicans say
we raised the debt when ronald reagan was president. 18 times we raised the debt ceiling. but all of a sudden when there is a democratic president, they're playing games, and that's wrong. and so obviously, we didn't want to see another downgrade. we had already seen a delay the last time cost us $1.3 billion, mr. president, in borrowing costs alone. so in order to avert this, on august 2, 2011, we enacted the budget control act. when it became law, we were within hours of defaulting on our...
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May 13, 2013
05/13
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president, americans are tired of these protracted fights over the debt ceiling caused by the tea party-driven republicans in congress. it's through compromise, not through hostage taking or political blackmail that we can set our nation on the road to fiscal responsibility. that compromise begins by going to conference on the budget. amerity runs through regular order of this legislative process, this legislative body, a process that honors more than two centuries of work. finally, mr. president, i had hoped that we would have an opportunity for the republican leader to explain why he objects to going to conference on the budget. we informed the republican side that we would ask this consent today, tomorrow, the next day and every day. let's hope we don't get to 52, 53, 55, 75, but the way they're going, i guess they are never going to get to conference. we informed the republican side that we would ask for consent, today as every day we're in session. and while the republican cloakroom, we call it, informed us that there was an objection, no republican was available to explain that objection
president, americans are tired of these protracted fights over the debt ceiling caused by the tea party-driven republicans in congress. it's through compromise, not through hostage taking or political blackmail that we can set our nation on the road to fiscal responsibility. that compromise begins by going to conference on the budget. amerity runs through regular order of this legislative process, this legislative body, a process that honors more than two centuries of work. finally, mr....